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Have any of you used the GMAC Online Pre Approval form? Supposedly by doing this you can avoid some of the paperwork at the dealership. I would like to do anything possible to "get in and get out" when I take delivery.

If you have used it, what kind of info do they email you when you are approved? Do they tell you the interest rate or does the dealer have to tell you that? Are you committed to using them by filling this application out?

I am shopping the interest rate and I mainly want to do this to know if I want to go with GMAC or a credit union before I am at the dealership.
 

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I could be wrong on this, but I believe that it will just tell you that you are "approved" then you will have to work the APR with the dealer at the time of purchase. I did this when I was originally looking at the Outlook and it was pretty worthless.

This will be a good indicator though if you know how many months you want to finance on and then look at GM's current APR offers. (I think)
 

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I did the pre-approval thing on line and received an email back with an approval number to take to the dealer. When I got there I gave the number to the dealer but still had to fill out an application. A PIA since it was already filed on line but I got through it. Something about them needing a signature, which I can understand. All in all it was easy. They did not quote a rate in the email, I knew that there was a 4.9 (36) on the car so it was easy.
 

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I just did this last night as well, here is what the email said...

Dear Ryan

You are Preapproved by GMAC to Purchase or Lease Any New GM Vehicle, except HUMMER H1, with an MSRP up to $30,000. You may qualify for a higher MSRP and, in some case, a more attractive rate or lease payment. See your participating GM Dealer for details.

This means you can drive away in the vehicle of your dreams even faster. Preapproved financing can be taken care of quickly and easily right at your GM dealership. The next step is to print the Preapproval Certificate below and present it to your GM dealer. Once you contact your GM dealer, you'll be asked a few additional questions for our records about your employment and residency.
That's it!

We hope our Express Application has proved to be fast and trouble-free. We look forward to doing business with you and know you'll enjoy your new vehicle. Thanks again for exploring financing and leasing options with GMAC.

Sincerely,

David L. Jones
Vice President
GMAC
Damn.. there goes that H1 I wanted....
 

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We too did the pre-approval. It was very simple and only required a signature at the dealership to take advantage of their financing (0.9% - 36 months).
Here's what my email said:

Dear Mr. Stork,

You are pre-approved by GMAC to purchase or lease any new eligible* GM or
Saturn/Saab vehicle with an unlimited MSRP.

With your GMAC pre-approval, you'll be in the driver's seat when you go to your
participating dealership to pick out your new GM vehicle. You won't have to
wait for your credit to be approved - it has already been approved by GMAC !

Since you submitted your GMAC Express Credit Application at this year's
Calgary International Auto & Truck Show, you are eligible to take advantage
of the GM Special** by taking up to 1% off your GMAC purchase finance or
SmartLease contract when you purchase or lease your new eligible* GM or
Saturn/Saab vehicle.

Your GMAC pre-approval expires on May 31, 2007, so visit your GM Dealer or
Saturn Saab retailer soon to test drive the exciting new vehicles in the GM
family. Simply present this letter to your dealer. It identifies you as a
preferred Calgary International Auto & Truck Show customer who is eligible
for the GM Special** and will help you get into your new GM or Saturn/Saab
vehicle that much faster!

Sincerely,


T. E. Dickerson, President
GMAC of Canada, Limited
 

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I did that last night for chuckles. Was approved within 15 seconds. Not sure if it will be followed up with something later. No APR given. It states that the APR is to be determined with the dealer at whatever rates are current. So I am guessing the rates posted IE 4.9% for 3 years is what you would be loking at unless GM does another 0% deal (OH PLEASE!!)
 
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